tag:blogger.com,1999:blog-6318055043707993918.post2594907706347426895..comments2018-02-21T07:26:06.692-05:00Comments on THE WANDERING TAX PRO: PERRY'S TAX PLANRobert D Flachhttp://www.blogger.com/profile/06034127763662917220noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6318055043707993918.post-51027731858123336612011-10-26T18:48:09.162-04:002011-10-26T18:48:09.162-04:00My main question is, if there is no deduction for ...My main question is, if there is no deduction for 401k and IRA contributions, does this mean that tax will not be paid on them in retirement as all the contributions are made on taxed income and the growth is capital gainsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-87372299925030601462011-10-25T18:33:45.171-04:002011-10-25T18:33:45.171-04:00Margaret-
You are correct that he is offering tax...Margaret-<br /><br />You are correct that he is offering taxpayers a choice between a new flat tax or being taxed under the current FU-ed system.<br /><br />As I said in the post - &quot;I do not see why we should offer taxpayers a choice between a flat tax and the current tax – shred the current tax system completely and establish the flat tax. This is not the first time a choice has been suggested, and I opposed it the first time around.&quot;<br /><br />You are correct that with a choice taxpayers will obviously do both calculations and choose the lower tax. This is what I tell my clients and readers all the time - if you are given a choice review the options and choose the one that results in the lower tax.<br /><br />Offering a choice makes absolutely no sense. But this is not the first time this was suggested. There must be some political currency in suggesting this.<br /><br />Thanks!<br /><br />TWTPRobert D Flachhttps://www.blogger.com/profile/06034127763662917220noreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-68201853711003689802011-10-25T17:45:22.489-04:002011-10-25T17:45:22.489-04:00Is this plan seriously to leave the current system...Is this plan seriously to leave the current system in place and add an alternate version in addition to it? That&#39;s what it sounded like in other places I was reading about it too, but how is that a plan to simplify?<br /><br />In other words, people who can afford a tax professional will calculate it both ways and pay the lesser amount, whereas lower income taxpayers will go the easier way even if it means paying more.Margarethttps://www.blogger.com/profile/05199920977220189143noreply@blogger.com